GM Bankruptcy Update

May 28, 2009 · By namshik

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cnbc.com – GM said Thursday it reached a deal with some major bondholders that would give them a bigger stake in a reorganized automaker and could pave the way for a fast-track bankruptcy backed by the U.S. Treasury.

The announcement was the clearest indication yet that GM, the No. 1 U.S. automaker, is close to filing for bankruptcy under the direction of the Obama administration. It would be the biggest-ever bankruptcy for a U.S. industrial company.

GM bondholders committee confirms support of its revised GM offer, reports CNBC’s Michelle Caruso-Cabrera.

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